Nike Beats Q4 Views By $0.02; Revenue Gains 11 Percent
Nike (NYSE: NKE) beat Wall Street's fiscal fourth-quarter earnings estimates by two cents a share as revenue rose 11 percent.
The Beaverton, Oregon athletic footwear concern posted profits for the period of $698 million or $0.78 a share, up five percent from $662 or $0.76 a share in the year-earlier period.
Revenue grew 11 percent to $7.42 billion compared with $6.7 billion a year earlier.
Wall Street expected earnings of 76 cents a share on revenue of 7.35 billion.
Gross margin expanded by 12 basis points to 44.8 percent, benefiting from higher average selling prices and direct to consumer business.
Costs for selling and administrative expense grew 12 percent to $8.8 billion, driven by increased advertising related to the World Cup matches in Brazil.
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